In brief

Activity in Macau's gambling sector has continued to underpin the territory's robust economic growth. Cooling gambling revenue and slowing investment growth, however, mean that we expect real GDP to slow to 2.3% in 2019, from an estimated 3.8% in 2018. Officials will continue to struggle with diversifying Macau's economy away from gambling in the short term, despite the long-held policy goals of the current administration.